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a predicted economic disaster over the debt limit. let's bring in senior political correspondent, jon karl, please tell us there is some whiff of bipartisan compromise in the air. >> i would love to tell you that. there is no whiff quite yet. i can tell you in fact they are moving in the exact opposite direction. the house of course passed the republican version of the debt ceiling bill, john boehner's bill. the senate acted immediately to reject it. now i'm told the house is going to move forward tomorrow at 1:00 with a vote on the democratic version that harry reid has put forward. they're going to reject that. we will have republicans rejecting the democratic deal. democrats rejecting the republican deal. house-senate, no action. clearly there are negotiations going on behind the scenes. >> let's talk about worst case scenario. if the markets open on monday and tank, is there some trigger mechanism to avoid a cataclysmic event? >> there are emergency powers the president can exercise. before we get there, bill, what i expect to see happen is that the two sides will negotiate late into t
. jim sciutto, thank you. let's bring in senior political correspondent jon karl who's been all over this story since the beginning. we've got the boehner and reid plan. neither of these things can pass so what, if anything, is being done to craft some sort of compromise? >> reporter: well, there are, as you heard jim mention quiet negotiations going on between harry reid and mitch mcconnell. mitch mcconnell has been on the phone several times with vice president biden over the last several days trying to find one last-ditch effort to get what everybody knows needs to happen, dada that is something that has bipartisan support. i got to tell you, though, the atmosphere is so poisoned here, the question is once they get that agreement, can they pass it. >> well, let me pick up on it. there's been so much tough talk, even trash talk. i wonder if there is another wiggle room rhetorically for the hard-liners on either side to back down. >> reporter: i think -- maybe not the hard-liners but i think there is wiggle room. if you look at those two bills you have there, there is incredible com
)s, other big costs. jake tapper and jon karl have been tracking it. >> reporter: last night after their prime time addresses to house speaker john boehner was overheard saying he didn't sign up to go mano a mano with the president after the president called for congress to compromise. the president spoke sternly to the american people last night blaming house republicans, especially freshmen, for holding up a debt deal. >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach. >> reporter: house speaker john boehner responded that the president wants to continue his rampant spending. >> the president often said we need a balanced approach, which in washington means, we spend more and you pay more. >> reporter: right now there are two competing bills, to raise the debt ceiling and reduce the deficit. a house one that likely cannot pass the senate and a senate one that cannot likely pass the house. both cut more than $1 trillion in spending and do not raise ta
? >> jon, they had been hoping on capitol hill to come up with some sort of deal before the markets opened today. the only thing that everyone seems to be accepting that any deal won't include any new tax increase. >> that's the big deal. you have harry reid coming up with a plan for democrats. that he says includes $2.7 trillion in spending cuts over the next ten years and gives the president the debt ceiling increase that takes him all of the way to 2013. republicans are already saying that those -- his plan includes gimmicks and phantom cuts. so the republicans are coming up with their plan, which would include about $1 trillion in cuts now. it would require the president to come back to congress next year to ask for another debt ceiling increase. >> that's the huge sticking point for the white house. the president has made it clear time and time again that he won't sign a short-term increase. he squashed it at the meeting last night. >> republicans leaders have said that as well. they didn't want any short-term solution to this problem. they changed their tune on this. white house said
Search Results 0 to 3 of about 4